LONDON--(BUSINESS WIRE)--The global inferior vena cava (IVC) filters market is expected to grow at a CAGR of more than 11% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global inferior vena cava filters market by product (optional IVCFs and temporary IVCFs and permanent IVCFs) and by end-user (hospitals and ASCs). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand for IVCF placement procedures
There is a substantial increase in the number of IVC filter implantation procedures being performed across the globe every year. This is because of the increase in the number of clinicians capable of IVCF insertion, widening applications for filter placement, rising aging population, and increasing adoption of retrievable filters. The use of retrievable IVC filters has approximately doubled in the last decade regardless of the limited clinical evidence supporting the long-term safety and efficacy. This is largely attributed to the increasing use of retrievable IVC filters for prophylactic indications.
According to a senior analyst at Technavio for cardiovascular devices research, “In 2017, nearly 650 million people were aged 65 and above globally. This is expected to increase to approximately 810 million by 2025. A sizable proportion of the aged population is at high risk of venous thromboembolic disease and hemorrhages. Age is also an independent risk factor for bleeding complications related to anticoagulation therapy.”
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Market trend: technological advances
Technological advances in the fabrication of IVCF has made them smaller, easier to insert percutaneously, and capable of insertion at the bedside. Also, improvements in MRI compatibility, modes of venous access, and the ability to accommodate various vena cava diameters has resulted in a steady increase in the deployment of IVCFs. Several vendors are also incurring significant R&D investments to develop technologically advanced IVCFs. There is also an increasing focus on the design of a drug-eluting vena cava filter to inhibit intimal hyperplasia and thrombus formation. Such technological advances are increasing the demand for IVCFs and further driving the market growth.
Market challenge: high cost of the IVCF devices and procedures
The high cost of IVCF devices and placement procedures is limiting their adoption by the end-users. In addition to the cost of the device, end-users also must bear additional costs on consumables and labor costs for its insertion and removal. The cost of the procedure can also increase substantially depending on the total number of investigational exams performed, including X-rays, CT, pulmonary angiography, ultrasonography and any other associated procedures, length of the ICU and hospital stay, readmission days including ICU, procedures and pharmaceuticals required to treat PE, DVT prophylaxis or complications related to the IVC filters.
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